New Delhi: The sixth Indian Super League will have a new team with Hyderabad FC, a city with a storied past in football, replacing FC Pune City, a club that has been plagued by financial problems in recent years.

Vijay Madduri and Varun Tripuraneni are the owners of the new team, which will play its match at the Gachibowli Stadium. An official word on the home venue is still awaited.

Pune City struggled to pay salaries to players and support staff during the fifth edition of the Indian Super League.

"Hyderabad, a city that boasts of strong football culture, will soon see its own team making its debut in the upcoming Hero Indian Super League season," the ISL said in a release.

It is understood that the Wadhawan Group, owners of Pune City, are winding up the team due to financial issues.

FC Pune City was also facing a two-window ban on player transfer after the club was found guilty of "unethically tapping" Chennai City midfielder Nestor Gordillo.

Madduri, an MBA from the University of Texas at Austin, has been serving as the CEO of Hyderabad-based digital integration service provider Incessant Technologies for nearly a decade.

The former software engineer has previously served as the director of sales and client services for Virtusa India Pvt Ltd while he has also undertaken a one-year executive leadership program from the prestigious Yale School of Management in 2015.

"I look forward to playing a significant role in developing football in the state, reviving its past glory. Sports has always been in my DNA and I am extremely happy to have a chance to contribute in this field," said Vijay.

Tripuraneni switches from his professional role in football to an entrepreneurial role as co-owner of the club.

From team manager of Kerala Blasters in the inaugural ISL to serving as Chief Operating Officer of Chennaiyin FC, a season in which the club won the title and lastly, heading Kerala Blasters FC as the CEO, Tripuraneni's journey has been fascinating.

He also served a term as the president of the Chennai Football Association.

Tripuraneni said, "Hyderabad is a city with great football culture. I look forward to working with key stakeholders and building a strong foundation for the club, which will eventually contribute to society and do the city proud."

The ISL is slated to kick off on October 20 in Kochi with Kerala Blasters FC hosting ATK.

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